SH Corporation Completes Approval of Management Disposal Plan
Establishing a Multi-Family Housing Complex with a Total of 2,437 Households
Redevelopment of Baeksa Village in Junggyebon-dong, Nowon-gu, known as Seoul's last hillside neighborhood, has entered the track. Although it faced a drifting crisis in 2016, it was normalized after Seoul Housing & Communities Corporation (SH Corporation) took over as the project implementer.
SH Corporation announced on the 20th that the management disposition plan for the "Junggyebon-dong Housing Redevelopment Maintenance Project," which improves the residential environment around 30-3 Junggyebon-dong (the former Baeksa Village), received approval from Nowon-gu Office on the 15th.
Perspective view of the ‘Junggyebon-dong Housing Redevelopment Project’ in Nowon-gu, Seoul. Photo by Seoul Housing and Communities Corporation
The Junggyebon-dong redevelopment project is aimed at improving the residential environment of Baeksa Village, where demolition victims relocated from areas such as Cheonggyecheon due to Seoul's urban development in the late 1960s settled. Baeksa Village had a poor residential environment due to the concentration of old and substandard buildings.
Upon completion of redevelopment, a complex residential building with up to 20 floors and a total of 2,437 households (1,953 for sale, 484 for rent) is expected to be built on the 187,979㎡ site. The project plans to proceed through compensation, relocation, and demolition stages, aiming to start construction in 2025 and complete it in 2028.
The Junggyebon-dong redevelopment site was designated as a maintenance zone in 2009, but in 2016, LH, the then project implementer, abandoned the project citing decreased feasibility, putting it at risk of drifting. After SH Corporation was designated as the new project implementer in 2017, the project went through approval for maintenance plan changes in 2019, project implementation plan approval in 2021, and now the management disposition plan approval.
Kim Heon-dong, President of SH Corporation, stated, "With 35 years of accumulated know-how and capabilities in urban and housing fields, we were able to bring the project back on track in a short period after the change of the project implementer. We will continue to do our best to improve aging and hazardous residential environments into high-quality housing and sophisticated cities that Seoul citizens can be satisfied with."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
